There was not much happening in the local M&A space this week – all eyes were on the SARB governor Lesetja Kganyago as to whether he would hike interest rates further. The sigh of relief was palpable with the governor announcing on Thursday to keep the repo rate unchanged at 8.25% and prime at 11.75%. He did add however that this may not be the end of the hiking cycle, but would reassess the data at each meeting going forward.
Exchange-Listed Companies
Super Group, through its UK subsidiary, SG International Holdings, has acquired a 78.82% stake in UK transport and logistics business CBW Group (t/a Amco) from management for a cash consideration of £30,3 million. Amco delivers its logistics services to 250 active UK and European customers operating in a diverse range of manufacturing sectors. The deal will significantly enhance Super Group’s supply chain offering providing opportunities for market share gains across the UK and Europe.
Northam Platinum (Northam) advised shareholders this week that it had submitted its acceptance of the Impala Platinum (Implats) mandatory offer to acquire its 34.5% stake in Royal Bafokeng Platinum (RBPlat). The protracted struggle for control of RBPlat began in November 2021. Northam will receive R9 billion and 30,065,866 Implats shares (a 3.3% stake) valued at c. R4,1 billion. In a market statement, Northam said the disposal provided a well-timed opportunity for the company to secure a significant cash injection which would materially strengthen its balance sheet and liquidity position at a time when prevailing PGM market conditions and the decline in the PGM basket price may signal a potentially protracted cyclical downturn.
Unlisted Companies
RSM South Africa is to merge with local accounting services firm Ngubane Johannesburg. The combined business will operate under the RSM South African brand. Financial details were undisclosed.
Transnet announced International Container Terminal Services Inc., a Philippines-headquartered company, as the preferred bidder for the 25-year joint venture to develop and manage the Durban Container Terminal Pier 2.
DealMakers is SA’s M&A publication.
www.dealmakerssouthafrica.com
